Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement + +

Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement + +

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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